Doran Cos. Led By Anne Behrendt Acquires Development Site In Minneapolis For $3M From Northpond Partners

The property asset involved in this transaction is a development site located at 3045 Hennepin Avenue in Minneapolis, MN. The sale price for the site was $3,000,000. The buyer, Doran Cos., plans to redevelop the site into a 228-unit apartment project that has received approval in 2025, consisting of 80% market-rate units and 20% designated for renters earning 50% or less of the area median income.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,000,000
• Buyer: Anne Behrendt - Doran Cos.
• Seller: Northpond Partners
• Approval Year for Development: 2025
• Apartment Units: 228
• Market-Rate Units: 80%
• Units for Low-Income Renters: 20%

Anne Behrendt, the CEO of Doran Cos., led the acquisition of the Seven Points mall in Minneapolis from Northpond Partners. The project aims to address housing needs by incorporating a significant number of affordable units within the redeveloped site.